1904-P Morgan Silver Dollar XF

1904-P Morgan Silver Dollar XF
1904-P Morgan Silver Dollar XF 1904-P Morgan Silver Dollar XF 1904-P Morgan Silver Dollar XF
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  • 1+ $69.95 $67.89
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1904-P Morgan Dollar XF

From 1794 to 1878 the U.S. Mint never made large numbers of Silver Dollars. This was due to the fact that the Spanish Pieces of Eight were still legal tender in the U.S. up to 1859, and not many more silver dollars were required to fuel commerce. In 1873, a "panic" gripped the nation. This was an economic contraction, or what we now call a Depression. Due to the slowdown in commerce, some members of Congress pushed for the Mint to strike a new Silver Dollar. They felt that by getting these large coins into the hands of Americans, the economy would pick up.

So, Congress passed the Bland-Allison Act in 1878, over the veto of President Rutherford Hayes. The law required the U.S. Mint to buy several million dollars worth of silver every month and strike it into Silver Dollars. Mint engraver Charles Morgan designed the new dollar coin. It came to be known as the Morgan Silver Dollar. From 1878 to 1904, and then again in 1921, millions of Morgan Dollars were minted at several mints around the country. The San Francisco Mint struck Morgans every year they were minted. The quality of coins from the "Granite Lady" - one of the few buildings, by the way, to survive the Great Earthquake of 1906 intact - is almost always excellent.

In 1893, another panic hit. From 1893 to 1896, few Morgans were struck, so these dates are generally the rarest of all. For example, the 1893-S and 1895-S can be very costly. No business strike coins (coins made for circulation) were struck at Philadelphia in 1895, only proofs. The proof 1895 Morgan is the "King of all Morgans." Rarity is important, but quality also determines price. Even the most common date Morgans can sell for several thousand dollars when they are in pristine top quality. Yearly Morgan Dollar production ceased in 1904.

In 1918, Congress passed the Pittman Act. World War I was at its peak, and many millions of dollars were needed to win the victory. The Act stipulated that the Morgan Dollars had to be melted to obtain their precious silver to pay for the war. Morgans were tossed into the melting pot by the thousand-coin bag. No thought was paid to the scarcity of the dates being melted. Any Morgans they could get their hands on were gone. After the War, in 1921, production of Morgan Dollars resumed, but for just one year. They were minted at Philadelphia, Denver, and San Francisco. Millions more Morgan Dollars were melted during World War II.

As collector interest in Morgans grew during the years after World War II, many dates were rare and expensive, even though the mintage figures for those dates was high. A 1903 Morgan from New Orleans sold for about $1,700 in 1963 - that's nearly $12,000 in today's money! The coins just could not be found, and collectors came to the conclusion that these dates must have been nearly completely melted in 1918 and during World War II. Then, in 1964, the U.S treasury found bags of Morgan Dollars hidden in their vaults, and sold them to the public at face value. Among the coins in this Treasury Hoard were those seldom seen rare dates like the 1898-O, 1903-O and 1904-O Morgans.

Today, these coins are reasonably priced; you can buy a high quality 1903-O Morgan for under $1,000! In the early 1970's, the government released its stock of Carson City Morgans to the public, increasing the supply of these top-appearance "CC" mintmarked coins. In the mid-seventies, a quirky collector named LaVere Redfield died. When his house was searched, bags and bags of Morgans were found in the basement, and some even hidden behind the walls! These "Redfield Hoard" Morgans stimulated Morgan Dollar collecting even further. Today, the Morgan Dollar is without a doubt the "King of Collector" coins. Completing a collection of Morgans is great fun and a great challenge! The image above represents the quality of the coin you will get, not the actual date you'll receive.

Year of Issue 1904
Country United States
Composition Silver
Purity 0.9000
Money that has served a purpose in the channels of commerce -- in other words, it has traded hands in exchange for goods or services. Once a coin has "hit the streets," it is no longer considered Mint State or Uncirculated.
Designs are lightly worn throughout Extremely Fine (XF) coins, but all features are clear and well-defined. In addition, traces of luster may show.
Denomination 1.00
Currency Type Dollar
Mint Name
Philadelphia - P
From its humble beginnings on Seventh Street through four different locations, the United States Mint's "Mother Mint" at 151 North Independence Mall East in Philadelphia is the largest of its kind in the world. The Philadelphia Mint is home to die production for all U.S. coinage, as well as facilities that produce a daily average of 30 million coins worth about $1 million.
U.S. Mint
Created by the United States Congress through the Coinage Act of 1792, the United States Mint opened its first building in Philadelphia in 1793. Today, the U.S. Mint strikes circulating coins, as well as special collector coins and sets at the "Mother Mint" of Philadelphia and the branch mints of Denver, San Francisco and West Point.
Coin Weight 26.73 Grams - g
Weight 1 Ounce - oz
Dimensions 38.1mm
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